EXTENSION OF STAGE 1 OF THE SWAZIGOLD SHAREHOLDERS AND EARN-IN AGREEMENT
Dwyka is pleased to announce that it has successfully negotiated a three month extension to the current phase of the Shareholders and Earn-In Agreement (“Agreement”) relating to the SwaziGold project (“Project”). Dwyka (through its wholly-owned subsidiary Karrinyup Holdings Limited) currently owns 50% of Swazi Gold Ventures (Pty) Ltd (“SGV”), which in turn holds a 90% interest in the Project company. As a result of the extension, Dwyka now has until 30 September 2008 in which to complete the Stage 1 exploration and expenditure requirements set out in the Agreement and move to a 70% interest in SGV.
As at 30 June 2008, Dwyka had spent US$667,137 under the current phase of the Agreement.
It now has approximately 3 months in which to spend a further US$82,863, bringing the total expenditure to the required level of US$750,000.
The extension will also allow Dwyka to complete an additional diamond drill hole currently being drilled at the Daisy prospect and will enable the completion of the 3D modelling and associated resource estimations of the main Project prospects.
The highlight achievements to date from the Stage 1 exploration include:
• Gold values of 3.39g/t over 10m returned from core drilling at the Daisy prospect ;
• High grade intersections of up to 16.5g/t made over 1m at the Daisy prospect; and
• Several significant gold intersections made at the Kobolondo prospect, including 2.59 g/t over 11m, 6.59 g/t over 4m and 5.08 g/t over 3m.
